Crypto winter coming to an end and FTX is to post profits.
The crisis in the crypto markets looks like its winding down, said Sam Bankman-Fried in an interview on Thursday, July 21st. He also said that he is not getting distress calls from businesses needing help. This was exactly the case in the first month of the “crypto winter”. If the economic environment remains positive, a quick recovery is possible.
Mr. Bankman-Fried also said that his company is willing to step back from its role as a last-resort lender. According to information available to him, he said that $70 million of the $500 million given to Voyager Digital could be written off.
Despite this, Bankman Fried is sure that FTX will post profits every quarter of 2022. FTX profits seem to be running parallel to those of last year. The company has also gained a decent market share in the last couple of quarters. FTX is unlikely to add BTC to its holdings he said. And if FTX had to do so, it would not be more than $15,000.
In the US, FTX is trying to expand its product offerings and has managed to do so. There are many people on the waitlist and FTX is looking at ways to onboard them seamlessly. FTX is looking to partner with a clearing firm with equities specialization. It recently acquired Embed Financial Tech in June. Bankman-Fried also referred often to the influence exerted by the overall economy on the crypto sector. Not only that, he talked about the need for regulation so that investors feel empowered participating in the crypto market